Tangelo Games Reports First Quarter Financial Results

Tangelo Games Corp (TSXV:GEL) reported its financial results for the first quarter of 2018 ending March 31, 2018.

The company had a revenue of 8.62 million as compared to 8.99 million in the previous year. The company had an operating loss of 1.11 million as compared to 0.57 million in the previous year.

As quoted in the press release:

“Monthly average paying users were approximately 52,000 for the first quarter.   Paying users for Tangelo Israel grew year over year and were up by 18% in the first quarter of 2018 from the year before, with the majority of this growth coming through reactivating former customers from the Company’s large database of historical customers.

The Company’s net loss grew from (4.28) M in the first quarter of 2017 to (6.60) M in the first quarter of 2018, driven by a slightly smaller operating profit and higher non-operating expenses.  Nevertheless, we believe that our overall profitability level remains strong relative to the industry and we remain excited about our longer-term prospects given our slate of new products that are being launched in 2018.

As previously discussed, management is pursuing strategic alternatives with a view to improving its capital structure and unlocking value for all stakeholders.   While the Company cannot offer any assurances that these discussions will result in a successful transaction, these discussions are ongoing,” said James Lanthier, Chief Executive Officer of Tangelo.

Vicenç Marti, Tangelo’s President, added: “Tangelo has been included on the shortlist of nominees in the ‘Social Slots Operator’; ‘Acquisition Strategy’ and ‘Social Operator’ categories for the EGR North America Awards 2018, one of the most significant recognitions in the online gaming industry.

These awards are a testament to the efforts and successful teamwork of our Barcelona and Tel Aviv teams and speak to the continued development of Tangelo’s business. We are very honoured to be recognised as leading operators across North America by these prestigious awards.”

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